Event planning requires a specific set of skills and dedication. As someone who wears many hats and has to juggle various tasks throughout the day, event planning is a strategic and, at times, daunting industry. In this post, we’ll uncover some of the best pieces of advice any event planner should know prior to starting a business. Most importantly, protect your new operation with an Ann Arbor Special Events Insurance package.

Identify your skill set.

Event planning requires people skills, collaboration, engagement and customer service. Without these, your business might struggle to grow and thrive. This is a fast-paced industry where a lot of creative thinking and problem-solving skills come in handy.

Identify your market.

Depending on the types of events you want to host, you’ll need to pinpoint who exactly you’re trying to target. According to Entrepreneur, here are the four major types of events:

  • Celebrational: These events are festive and exciting. They include fairs, parades, weddings, reunions, birthdays, and anniversaries.
  • Educational: More formal and information heavy. Includes conferences, meetings, and graduations.
  • Promotional: These events are a mix of the first two, combining festivities with information. Examples include product launches, political rallies, and fashion shows.
  • Commemorative: Finally, these events are formal yet are meant to remember important figures and events with memorial services and civic events.

Create a business plan.

Every startup business needs a feasible plan. Start with the basics and work your way down to cover the small details. According to Capterra, major features include:

  • Summary
  • Industry analysis
  • Customer analysis
  • Competitive analysis
  • Marketing plan
  • Operations plan
  • Management
  • Financial plan

Legalities and insurance.

Registering your business in your state is the first priority, then cover your staff and business with the necessary insurance policies. For example, Workers’ Compensation, General Liability, Property Insurance, Liquor Liability, and more can round out your insurance portfolio. Lastly, don’t forget about necessary business certifications and licenses to operate lawfully in your state.

About Thayer Innes and Freeman Bunting Insurance Agencies

At Thayer-Innes Agency and Freeman Bunting Agency, we understand the risks that your business faces in its day-to-day operations. Our comprehensive coverages provide the necessary protections such as liquor liability, event cancellation, workers’ compensation, and more. For more information about how we can work for you, contact us today at (855) 395-6316.